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Another China’s IT Tycoon Qihoo 360 Plan to Enter Cryptocurrency Market

Breaking news today, Qihoo 360 Technology Co., Ltd., China’s largest internet security software provider, is negotiating with Huobi.com about its investment matters, specific details have not yet been announced. This is another big event regarding investment in digital currency following Shi Yuzhu, an online gaming giant, acquired 10% of OKCoin Share yesterday.

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In fact, just two days ago on Dec.13, Zhou Hongyi, the president of Qihoo 360, involved in the recent hot topic Shuidi Live Incident in which he was “accused” of using 360 smart cameras (product of his company) for livestreaming people’s daily life on Shuidi Live (a livestream platform owned by his company) by a 25-year-old girl on the Internet. Upon this, he furiously offered to reward several bitcoins to the person who could find out the person-behind-the-scenes. According to the current market price, a bitcoin worth over RMB one hundred thousand Yuan, several bitcoins really means a large sum. Apart from showing off his wealth, but also it confirmed from the side that Zhou Hongyi holds a lot of bitcoin, and he is likely to have more connection with the digital currency industry.

There’s no wonder that news came out today that Qihoo 360 is negotiating with Huobi.com, the most professional bitcoin trading platform in China, about its investment matters.

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Earlier this month, Huobi has just reached an agreement with Japanese SBI Group (formerly Softbank Investment Group) to jointly set up two exchanges: SBI Virtual Currency and Huobi Japan, the two exchanges will be for digital currency market in Japan and the whole world, and in January 2018 it would be formally launched. In the meanwhile, the two parties will respectively hold 30% and 70% of the shares of the two exchanges in a joint venture, of which Huobi.com will acquire a 30% of SBI Virtual Currencies’ share, and SBI will purchase 30% of Huobi Japan’s share and 10% of the share of Subsidiary in South Korea.

Who will be the next unexpected tycoon to step into the cryptocurrency market, or are they already in?

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